Swiss Re reports net income of US$2.2bn

Written by Adam Cadle

14/11/2024

Swiss Re has reported a net income of US$2bn and a return on equity (ROE) of 13.4% for the first nine months of the year, according to its latest financial results.

The result was driven by resilient underwriting and investment contributions from all business units.

The group achieved a return on investments (ROI) of 3.9% in the first nine months of 2024, driven by a continued strong contribution from recurring income. The recurring income yield for the period was 4% and the reinvestment yield for the third quarter was 4.6%.

Swiss Re maintains a strong capital position with a Group Swiss Solvency Test (SST) ratio of 284% as of 1 July 2024. The Group SST ratio reflects methodology updates, which reduce the reported ratio, while significantly lowering the sensitivity to future interest rate movements.

As disclosed on 7 November 2024, Swiss Re expects to achieve a group net income of more than USD$3bn for 2024, assuming normal loss activity for the remainder of the year.

Swiss Re currently expects its losses resulting from Hurricane Milton to be less than US$300m, which will impact group results in the fourth quarter of 2024.

Swiss Re's Group CEO, Andreas Berger, said: "The significant strengthening of reserves in the third quarter creates a resilient base for success in the coming years. The group's capital position remains strong, putting us in a favourable position for the upcoming renewals. We expect to update the market with new targets for 2025 next month."

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